Hartford Simplifies Its VA Product Line
May 12, 2008
Hartford Financial Services Group has created a single variable annuity product line, Leaders, that combines investment options, benefits and other features from its two prior VA series, Leaders Suite and the Director M Suite.
The Hartford Leaders offers a roster of 12 money managers and 81 investment options, including offerings from American Funds, Franklin-Templeton and the Hartford. The new product also has an enhanced guaranteed lifetime withdrawal benefit that will offer a larger amount of income with the flexibility of taking additional income if the market is performing well.
Hartford’s new product aims to simplify an annuity market that offers a “dizzying web of features from which to choose.” The company noted that 26 new or updated living benefit riders were introduced by the industry and by 2007 that number had grown to 40. There have been 19 new introductions noted in the industry through the first three months of this year alone.“By combining the best of our existing offering and supporting it with a single wholesaling force, we’ll deliver a more powerful product and tell a more focused story,” said Rob Arena, senior vice president of retail investment products for Hartford’s U.S. Wealth Management division.
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